The Limited Liability Company, or LLC, is a business structure that combines the benefits of many traditional business forms. An LLC enjoys the same form of limited liability as a corporation, but like the sole proprietorship and partnership, it is not taxed as its own entity. LLC's, like corporations, may also have as many shareholders, or members, as desired. The LLC, however, is dissolved if one of those members files for bankruptcy or dies. For hundreds of years, limited liability has been a main goal of some business forms, but since the Wyoming legislature enacted laws authorizing its formation, the modern LLC has become more and more popular.
Can My Business Be Formed as an LLC?
Wyoming allows a company to incorporate using the business form it chooses. To start as an LLC, a company just files the necessary form with the Secretary of State. However, there can be an additional fee required for forming your LLC, determined by Wyoming laws that govern the formation and actions of LLC's. In deciding whether you should organize as an LLC, you should consider carefully the applicable laws. Finding the right business structure for your company may lead to increased profits, but the process may take some time.
Can I Change the Form of My Business to an LLC?
Businesses in Worland may change their forms in particular circumstances. Whether a business may convert to a LLC or not is determined by Wyoming law.
How Can an Attorney Help?
Attorneys experienced in Wyoming business law can give you valuable input on whether your business would be more profitable as a LLC.